Newmont Q2 2026 earnings: profit beats forecasts on record cash flow, revenue light
Newmont's per-share profit topped estimates and cash generation hit a quarterly record, even though total revenue fell short of forecasts.
| Q2 2026 | Reported | Expected | Surprise |
|---|---|---|---|
| EPS | $2.10 | $2.01 | +4.5% |
| Revenue | $6.12B | $6.39B | -4.2% |
Key takeaways
- Adjusted profit of $2.10 per share beat the roughly $2.01 analysts expected, while revenue of about $6.12 billion came in below the $6.39 billion forecast — meaning the company earned more efficiently from each dollar of sales than expected, even as total sales volume was a bit lighter.
- Newmont produced about 1.3 million ounces of gold in the quarter, plus copper and silver, and said it remains on track to hit its full-year target of roughly 5.3 million gold ounces, with production expected to run notably higher in the second half of the year.
- The average price Newmont sold its gold for was about $4,414 an ounce, up roughly a third from a year earlier — higher gold prices were the main reason profits and cash flow grew even though output was only modestly higher.
- Free cash flow — the cash left over after running the mines and funding growth projects — hit a second-quarter record of $2.2 billion, showing the business is converting higher gold prices directly into spendable cash rather than just paper profit.
- The company’s margins over the past year have been notably wide: it kept about 51 cents of every revenue dollar as operating profit and roughly 33 cents as net profit, reflecting how much of the higher gold price flows straight through to the bottom line once mining costs are covered.
- Newmont returned about $1.9 billion to shareholders in the quarter through dividends and share buybacks, and has now repurchased more than 100 million shares since its buyback program began, using some of its cash pile to reduce share count.
- Management said full-year 2026 guidance is unchanged, including plans to invest $1.4 billion in development projects this year, signaling confidence that current cost and production plans remain on track despite quarter-to-quarter swings.
- Coverage noted the quarter’s strength came despite a roughly 13% pullback in gold prices from recent highs earlier in the year, with some outlets framing the results as reinforcing the case for the stock given the record cash generation and buybacks.
Q2 2026 in context
| Metric | Jun 2026 | Jun 2025 | Change |
|---|---|---|---|
| Revenue | $6.1B | $5.3B | +15.1% |
| Net income | $2.2B | $2.1B | +6.8% |
| Free cash flow | $2.2B | $1.7B | +28.9% |
| Diluted EPS | $2.06 | $1.85 | +11.4% |
| Net margin | 36.0% | 38.8% | -2.8 pts |
Figures for the quarter ended Jun 2026 and the quarter ended Jun 2025, as reported to the SEC.
How the stock took it
Newmont Corporation closed at $95.75 on Jul 22, 2026, the last session before the report, and at $93.19 on Jul 24, 2026, the first session after it — -2.7% across the report.
| Earlier report | Close before | Close after | Change |
|---|---|---|---|
| Apr 23, 2026 | $111.85 | $120.70 | +7.9% |
| Oct 23, 2025 | $87.01 | $83.37 | -4.2% |
Closes from the market's daily record. Each figure spans the report date — from the last session that closed before it to the first that closed after — because a company may report before the open or after the close.
Sources: company report · Yahoo Finance / NAI 500